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Saturday, December 27, 2008

In exercise of the powers conferred by section 295 with subs section of 11c of section 80IB of income tax act 1961 , the central board of direct taxes hereby makes the following rules further to amend the Income tax rules 1962
1. (i) These rules may be called the income tax rules
ii) In the income tax rules 1962 , after rule 18DD , the following rule shall be inserted namely :
" 18DDA . Form of report for claiming deduction under sub section 11C of section 80 IB . The report of an accountant which is required to be furnished by the assessee along with the return of income under sub section 11 c of section 80 IB shall be in Form No. 10 CCBD.

Amendments to the Industrial Park Scheme, 2008
Central Government has made some amendments to the Industrial Park Scheme, 2008. See the Notification dated 28th November, 2008 for the details.
INDUSTRIAL PARK SCHEME, 2008 - AMENDMENTS IN FORM IPS-1
Notification No. 106/2008 [F.No. 149/278/2006-TPL], dated 28-11-2008

In exercise of the powers conferred by clause (iii) of sub section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments to the Industrial Park Scheme, 2008, namely :
In the Industrial Park Scheme, 2008, in FORM IPS - I,
(i) for para 2.III, the following para shall be substituted, namely:
"2.III Details of industrial activity to be undertaken by industrial units:
______________________
______________________
______________________

(ii) for para 3.VI, the following para shall be substituted, namely:
"3.VI Whether all the criteria as mentioned in para 4 of the industrial Park Scheme, 2008 are met or not:

(a) The date of commencement of the Industrial Park should be on or after the 1st day of April 2006 and not later than the 31st day of March 2009;
Yes/No
(b) The area allocated or to be allocated to industrial units shall not be less than seventy-five per cent of the allocable area;
Yes/No
(c) The area allocated or to be allocated for commercial activity shall not be more than ten per cent of the allocable area;
Yes/No
(d) There shall be a minimum of thirty industrial units located in a industrial park;
Yes/No
(e) For the purpose of computing the minimum number of industrial units; all units of a person and his associated enterprises shall be treated as a single unit.
Yes/No
(f) The minimum constructed floor area shall not be less than 15,000 square metres;
Yes/No
(g) No industrial unit, along with the units of an associated enterprise, shall occupy more than twenty-five per cent of the allocable area;
Yes/No
(h) The industrial park should be owned by only one undertaking; and
Yes/No
(i) Industrial units shall undertake only such industrial activity as defined in clause (j) of para 2 of the Industrial Park Scheme, 2008
Yes/No

2. This notification shall come into force on the date of its publication in the Official Gazette

TDS Return Preparation Slideshow
A Slide Show (demonstration) has been prepared for the preparation of the TDS Returns. Kindly see the TDS Section on the Home page.
Direct Tax Collections appear to be on course
Net direct tax collections during first eight months of the present fiscal (up to November 2008) stood at Rs. 177,251 crore, up from Rs.145,053 crore, registering a growth of 22.2%. Growth in Corporate Taxes was 26.82%, while Personal Income Tax grew at 15.28%. Direct tax collections have already reached 48.56% of the Budget Estimates of Rs.3,65,000 crore, which is pegged at 16.07% above the actual collection of Rs.3,14,468 (provisional) during the last fiscal (2007-08). Press Release Signing of Double Taxation Avoidance Agreement between Indian and Tajikistan
A Double Taxation Avoidance Agreement has been signed between India and Tajikistan on 20th November, 2008. The Agreement has also provided for the exchange of information between the tax authorities of the two countries.

Regularization of qualified workers appointed against sanctioned post in irregular manner

Regularization of qualified workers appointed against sanctioned post in irregular manner as well as casual workers in Non-statutory Canteens/Tiffin Rooms located in Central Government offices.
Board Letter & Office Memorandum -->
Allocation of waiting list candidates for appointment to the post of Tax Assistant
220 candidates, who were in the waiting list for appointment to the post of Tax Assistant, have now been allocated to the various Regions/ Charges in the CBDT. List of candidates

TDS Return Preparation Slideshow

A Slide Show (demonstration) has been prepared for the preparation of the TDS Returns. Kindly see the TDS Section on the Home page.
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Allocation of waiting list candidates for appointment to the post of Tax Assistant

220 candidates, who were in the waiting list for appointment to the post of
Tax Assistant, have now been allocated to the various Regions/ Charges in
the CBDT.
List of candidates -->
Growth in Direct Tax Collections for the first seven months indicative of improved tax administration
Net direct tax collections during first seven months of the present fiscal (up to October 2008) stood at Rs.166,905 crore, up from Rs.128,864 crore, registering a growth of 29.52%. Growth in Corporate Taxes was 33.49%, while Personal Income Tax grew at 23.14%. The momentum of growth in direct taxes could be maintained, despite present global financial crises / recession and its resultant impact on the Indian economy, mainly on account of a shift in the tax collection strategy of the Central Board of Direct Taxes (CBDT) towards improving the tax deduction at source (TDS) mechanism and encouraging better tax compliance. Press ReleaseCBDT has issued a new Form of report for claiming deduction u/s 80-IB(11C)
CBDT has issued a new Form of report for claiming deduction under sub-section (11C) of Section 80-IB of the Income-tax Act vide Notification dated 22nd October, 2008.
Option Form for the Steno Grade III in the CBDT
Staff Selection Commission has recommended 118 candidates for appointment to the post of Steno Gr. III in CBDT. The Region/Charge wise allocation of the candidates on merit-cum-preference basis has been issued by the CBDT. List of Successful Candidates. The successful candidates are directed to indicate/exercise his/her preferences in the proforma, duly filled/completed in all respect immediately by speed post or Currier, so as reach it within 21 days from the date of issue of this letter. Memorandum